MistyBlue

That's a good question and I'm afraid I don't know the answer. HMRC guidance RDR1 seems to set out the rules, but... it's complicated. Nom-Dom status is a pretty rare beast though with annual fees of either £30000 or £60000. I would wager that there are very few (if any) non doms reading this forum for tax info. I would say a very high proportion of people reading here would fall under the guidance given in HS284 to work out the example you set out earlier .

This becomes a "Section 104 holding". An example of how to work out the gain is given in HMRC helpsheet HS 284. Need to use the PDF example 3 shown in this link: https://www.gov.uk/government/publications/shares-and-capital-gains-tax-hs284-self-assessment-helpsheet

I also hold this (and the Quilter equivalent) but now keeping under review after the entire management team of this fund walked out with no notice a couple of weeks ago. I might take the original investment out and keep the profits invested to see where it goes with the new managers, but still undecided.

This is not correct. The UK state pension is taxed. You might be getting confused with the method in which the tax is collected on a state pension, often through other streams of income.

On this point, in the 2023/24 PWC booklet (link here: https://www.pwc.com/th/en/tax/thai-tax-booklet-2023.html) on page 2 (their numbering or actual page 10) they have specifically underlined the quote "... a Thai resident" in the context of discussing the new requirements for remitting funds. Happy to be challenged but now my reading of that section in its fullness with the underlined text is that tax is only required when remitting funds in the same year that one is tax resident, if not resident when the funds are remitted (even if they were previously earned and kept offshore when one was resident) then I'm now leaning towards that no tax is due. Thoughts?

I took your advice and emailed them again and received positive news. I specifically asked if they would accept a statement from the purchased annuity provider as the income would not be included on a tax return and received this encouraging response: "Dear ****** We generally consider tax returns as the primary evidence of income. However, if your country does not require you to pay taxes, you must include a statement explaining this in your application. Additionally, you can submit other financial documents such as broker statement such as the example you mentioned and bank statements as proof of your income."

An update on my earlier question about purchased annuities (thanks @Pib for your earlier reply). After contacting the BOI it looks like a purchased annuity wouldn't be able to be used to satisfy the income element. I emailed the BOI and asked them this question: "Hello Please could you tell me if a "purchased annuity" would satisfy part of the income requirements for a wealthy pensioner LTR? (Note: A "purchased annuity" is a product available in the United Kingdom to pay a fixed income for a fixed number of years). I would be grateful for your reply Regards" Their reply was this: "Greeting from LTR Visa Unit. If your income does show in your tax report such as SA100, then it is possible to accept it as part of your passive income." As only the interest part of a purchased annuity shows up on a UK SA100 tax return (a tiny % of the overall income amount of a purchased annuity) then it would seem to rule it out. If there are any reports in the field of anyone applying and attempting to use a purchased annuity would be interested hear of experiences.

Does anyone have any experience of using (or can comment) on using a "purchased annuity" to part satisfy the income requirement for a pensioner LTR?

Thanks for the response and clarification. This scenario might be a useful consideration in answer to the original post at the start of the topic.

Thanks. I fully agree with you. My post was discussing funds remitted under a specific scenario.

This seems an appropriate thread to raise discussion on the following scenario. Looking in to the future, say one is a Thai tax resident for 2024 and 2025 but remit none of the income made overseas. In 2026 go traveling and only stay in Thailand for 5 months (under 180 days) and in that year remit the overseas income for 2024 and 2025, no return needed in 2026 as not tax resident for that year. Then in 2027 stay more than 180 days and become tax resident again, the unknown (to me) is whether there would there be a liability for past income remitted into the country that was made when one was a tax resident. I raise this because all the information I've found so far discusses income made and remitted when resident, but not income made when resident but remitted when non-resident. Maybe one to watch unfold in the future...

I have three items of feedback: 1. Thanks for putting the disclaimer at the top, that puts my mind at rest - thank you. 2. I believe the statement on credit card transactions in item 16 is misleading. Credit card transactions are not income remittances, they are credit or loan remittances and the new interpretation only deals with income remittances. We may yet hear further clarification in this area which is why I believe this should be removed from item 16 and added to the end of the document in the unresolved issues section. 3. The old thread is still pinned to the top of this section of the forum. I suggest that is unpinned and this new thread is pinned instead.

The 22/23 PWC booklet explicitly states a tax return is required irrespective of whether any tax is due (pages 13 and 14). https://www.pwc.com/th/en/tax/assets/thai-tax/thai-tax-2022-23-booklet.pdf

See pages 14 and 15 of this booklet: https://www.pwc.com/th/en/tax/assets/thai-tax/thai-tax-2022-23-booklet.pdf

I came across some information on this matter after researching another topic. It's covered in PWCs 2022-23 tax booklet on page 15. Link here: https://www.pwc.com/th/en/tax/assets/thai-tax/thai-tax-2022-23-booklet.pdf I also found a lot of other useful information in the booklet, so hope they produce an updated one with the new interpretation for 2024 at some point.

Thanks for posting. I'm very interested in what you have written in this bullet point I've quoted. Would you be willing to provide further discussion/explanation on this particular point, please? Thanks.

@CharlieH I recognise the OP is trying to be helpful and it is excellent for discussion, but there are many questionable statements and claims made in this 'guide'. I recommend a disclaimer is added at the beginning to state that it is the work of a board member for discussion purposes only and members should not rely on it for their affairs.

This is misleading as it depends on how the NHS pension is paid. Here is a link on what qualifies as a government pension or not: https://www.gov.uk/hmrc-internal-manuals/international-manual/intm343040

Credit card transactions are credit remittances, not income remittances. There may well be further clarification on credit remittances at some point in the future but to state that credit card transactions can also be income should be clarified before inclusion in your document.

Fair enough, I thought you had implied you had an NT code based on being non UK resident. My apologies. I'm now at a loss of what your original point was because being non-resident doesn't result in an NT code unless one is paying taxes already in the other country. You implied that scenario in your earlier post, even if it wasn't for you personally. I've nothing more to add on this exchange... wish you well.

How does phased crystallisations connect with your earlier claim on having an NT tax code through submitting a P85 (and later acknowledging DT-Indvidual) for being non-resident?

So, as you are paying your taxes to the Thai RD, rather than to the UK HMRC on your full pension income (which I think is what you are implying from your posts), would you be willing to share your experiences of completing Thai tax returns and your experience of the Thai RD initially endorsing the HMRC form confirming you pay tax in Thailand?

Completing a P85 form does not automatically result in a NT tax code on a taxed at source pension arising in the UK. The P85 form (or SA109 for self assessment) informs HMRC one is no longer UK resident, that doesn't have any bearing on tax at source pension income. To get an NT tax code on a taxed at source pension, one would also need to complete the HMRC form "DT-Indvidual" and this form would also need to be endorsed by the tax authority of the country of residence to state you are paying taxes there instead (the Thai RD in this instance). But as it's your day job, you'd know that, right?

I agree with you, which is why I was astounded to hear it suggested in the video that there might be a tax liability for gains made when not a tax resident when later remitted as a tax resident. The example they gave in the video was selling a property in Canada when not Thai tax resident, but then later remitting the profits to Thailand there could be a tax liability if the tax had not been paid in Canada due to personal reliefs given in that country. That just didn't seem right to me which is why I highlighted it for discussion.

This what I thought too and might be a workaround for those who can take a 6 month holiday and remit several years living expenses in advance, during the year not tax resident.